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Ipatiy [6.2K]
2 years ago
14

Jen bought 100 shares of ABC stock at $15 a share on July 14, 2017. On August 7, 2018, she noticed that the stock had increased

in value to $20 a share and decided to sell her shares. Jen's marginal tax rate is 22%. How is the revenue from the sale treated on her 2018 income tax return
Business
1 answer:
Lubov Fominskaja [6]2 years ago
6 0

Answer:

The revenue from the sale treated as a long term capital gain on her 2018 income tax return

Explanation:

capital gain = (100*20) - (100*15)

                    = $500

tax rate on long term capital gain for 22% = 15%

tax on capital gain = $500*15%

                               = $75

Therefore, The revenue from the sale treated as a long term capital gain on her 2018 income tax return

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